Latham & Watkins and SyCip Salazar Hernandez & Gatmaitan have advised San Miguel Corporation (SMC) on its 85.7 percent acquisition of Holcim Philippines, whose total enterprise value is $2.15 billion, from LafargeHolcim, whose legal counsel was Freshfields Bruckhaus Deringer, with Allen & Overy and Picazo Buyco Tan Fider & Santos representing the mandated lead arrangers and underwriters.
This is the biggest M&A deal in the history of Philippine’s cement industry. According to Bloomberg, SMC, through unit First Stronghold Cement Industries, will buy 5.53 billion common shares of Holcim’s local arm – amounting to more than 85 percent – from entities controlled by LafargeHolcim. This deal marks the completion of LafargeHolcim’s exit from Southeast Asia.
San Miguel, the Philippines’ largest company by sales, will conduct a tender offer for Holcim Philippines shares held by minority shareholders who own 14.27 percent of the total capital stock.
The Allen & Overy team was led by Gautam Narasimhan.
The Freshfields team was led by partners Alan Mason, Nigel Gleeson, Peter Clements, Helen Lethaby and Rafique Bachour.
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